The City of Sweetwater maintains an Employees' Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city's General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees' Retirement Fund as of July 1, 2019, is shown here: Assets Cash CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position Accrued Interest Receivable Investments, at Fair Value: Bonds Common Stocks Total Assets Liabilities As of July 1, 2019 Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions $ 136,000 57,500 4,505,000 1,304,000 6,002,500 366,000 $5,636,500 During the year ended June 30, 2020, the following transactions occurred: